Tenants are still in their rental property even though their lease has expired. The landlord has given them written notice to quit and refused to accept rent. They are

The land description T3N, R4W Principal Meridian refers to what method of property description?

A homeowner is willing to let his neighbor park an RV in his
backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor?

Real property can be converted to personal property by

A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. The property has just been sold at a foreclosure auction to a speculating investor for $88,000. Assume that all costs of the foreclosure sale are included in these balances. Which of the following statements is FALSE regarding the distribution of funds?

The second mortgagee receives nothing unless he
forced the foreclosure auction.

A borrower has defaulted on the mortgage. The mortgage
contains an acceleration clause. This permits the lender to

A buyer made an offer on a property that was listed at $350,000. She wanted to put $35,000 down and make payments to the seller, allowing the seller to retain title until the principal was paid off. The seller accepted, and the buyer became a

The FHA functions MOST like

A salesperson lists a property with a contract that allows for
subagency and dual agency. The salesperson is

A realty firm has just entered into an agreement to represent a home builder in the sale of a new subdivision. The firm has located several potential buyers and five homes have been sold to purchasers that the firm's agents have contacted. The realty firm has an agency relationship with

A broker lists a property, with a listing contract allowing
subagency and dual agency. One of the broker's salespersons shows the property. The salesperson would be classified as

Under the terms of their listing contract, the owners may sell their house themselves and pay no commission. If their agent sells it, a commission will be due. What kind of listing contract do the owners have?

Which of the following events would AUTOMATICALLY cancel a listing agreement?

A broker has brought a ready, willing, and able buyer to a seller.
In MOST listing contracts, the broker has earned his commission
when

A broker supplies the financing for a project to build
condominiums with the stipulation that he has the exclusive right to sell the completed condos. Which of the following BEST describes this relationship?

The day after a broker's listing on a house expired, it was listed with another broker and offered in the MLS. Several days later, a third licensee called the first broker and asked for the key to show the home. The broker should inform the caller that

A seller tells the listing agent that her home was treated for
termites 10 years ago, so there are no termites now. Before
listing the property, the agent should

A seller mentions to his agent that the previous owners of his property may have dumped hazardous waste on the site. Under the C omprehensive Environmental Response, C ompensation, and Liability Act (C ERC LA), who is liable for damages from the dumping prior to the sale of the property?

Without checking the facts, a broker who is the seller's agent tells a buyer that the property taxes in a particular neighborhood are among the lowest in the area. The buyer relies on the broker's statement and makes an offer on a house in the neighborhood. Before closing, it is determined that the taxes are actually among the highest in the area. The buyer could seek to rescind the contract on the basis of

The real estate contract for a specific property for use as an
unlicensed whiskey sales operation was forced to terminate. The termination was the result of

A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if

The purpose of requiring an earnest money deposit in a real
estate sales contract is to

Prospective buyers made an offer on a property. The seller did NOT accept, but made a counteroffer. The prospective buyers signed the counteroffer and the real estate agent delivered their acceptance to the seller. In the interim, the same buyers had found another house that they liked better and made an offer on it, which was accepted. Which of the following is TRUE?

A couple signed a lease on an apartment for a period of 1 year. The lease does NOT contain an automatic renewal clause. The couple plans to move out at the end of the lease rather than renew it. How much notice MUST they give to comply with the lease term?

The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing?

Depreciation is calculated based on the

At the closing on June 15, the buyer is assuming a mortgage presently on the property, on which the monthly interest charge is currently $600. The seller has made the payment due on June 1. Assuming a VA mortgage, what is the adjustment made at closing?

Which of the following is NOT usually prorated at closing?

An agent shows a home to a couple and mentions that it has a lovely fireplace in the living room. After buying the home, the buyers and agent discover that the brick fireplace is just a decorative fireplace and is not "wood burning." Which of the following would BEST protect the agent from financial loss?

Earnest money should be deposited into a trust account

A managing broker can be held responsible for

A minority couple come to a salesperson looking for a house. The salesperson has some properties for which the couple qualify but avoids showing or mentioning these listings. Instead, the salesperson shows only properties in low-priced and integrated neighborhoods. This practice is known as

According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following disclosures MUST appear in the ad EXCEPT the

A single parent of two preschool children makes an application to rent a condo in a development intended for older persons that is 90% occupied by people over the age of 55. In this case, the Federal Fair Housing Act protects the

condo owner from being forced to rent to the
family because of the age of over 80% of the occupants of the
development.

On January 15, a seller paid $960 in annual property tax for the current calendar year. A buyer is purchasing the house with the closing set for March 1. What will be the seller's credit for the property taxes already paid if the buyer pays for the day of closing?

A major reason for buying and owning a condominium rather than a detached single-family home is that

Ownership of common stock in a corporation gives

A property management plan may serve different purposes for different owners, and generally has to strike a balance between preservation of the property's value and generation of income. Which of the following owners would MOST likely prefer a property manager who emphasizes cash flow or income over the maintenance of value?